The restructuring might be finished via early April, the
U.k. coverage broker stated in a announcement Friday. The agency previously
reached an agreement with extra than 75 percentage of its secured and unsecured
debt holders, the edge required for the London court’s scheme-of-arrangement
method.
The deal will switch possession of the Maidstone,
England-based totally broker to its creditors, which include Highbridge Capital
control, KKR & Co. and Sankaty Advisors and reduce Towergate’s debt via 60
percentage, in step with previous statements. It’s looking for to reduce debt
after reporting a 24 percent decline in income closing yr to a hundred and ten
million kilos.
The organization’s 305 million kilos of 10.five percent
senior unsecured notes due February 2019 were little changed at 2.2 pence on
the pound, in keeping with information compiled by using Bloomberg. The bonds
had been quoted at 106.5 pence a 12 months in the past.
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